Conveyancing Firms - SRA Cracks Down on AML Failures

The Solicitors Regulation Authority (SRA) has issued new enforcement decisions against conveyancing firms with serious anti-money laundering (AML) control shortcomings.

Conveyancing is recognised by the SRA as a heightened-risk sector, due to large transaction volumes and opportunities for money laundering.

These firms, whose practices focus heavily on property transactions, were penalised for gaps in key internal safeguards, including

• Firm-wide risk assessments (FWRA),
• Client/matter risk assessments (CMRA), and
• Policies, controls, and procedures (PCPs).

Fines and Findings

• Trueman’s Solicitors (Oxford) – Fined £21,764 for deficient PCPs, failure to check source of funds, and missing CMRAs following an AML inspection. [update.sra.org.uk], [solicitornews.co.uk]
• Regler & Company Solicitors (Thame) – Penalised £9,500 for incomplete PCPs and absent CMRAs, with reviews revealing multiple unverified source-of-fund transactions. [news.sra.org.uk], [todaysconv…ncer.co.uk]
• Sylvester Amiel Lewin & Horne LLP (London) – Charged £17,302 for lacking a firm-wide AML risk assessment and deficient matter-level risk checks. [solicitornews.co.uk], [news.sra.org.uk]
• TM Fortis Solicitors Ltd (Manchester) – Fined £12,962 for long-term failure to maintain a FWRA and weak AML controls. [todaysconv…ncer.co.uk]
• Nigel Pullen Solicitors Ltd (St Agnes) – Imposed a £4,430 fine for failing to retain risk assessment records. [todaysconv…ncer.co.uk]
• Vincent Yee Solicitors (Birmingham) – Fined £6,804 for lacking PCPs, FWRA, and adequate CMRAs. [todaysconv…ncer.co.uk]
• Newman Law LLP – Penalised £8,885 for poor customer due diligence, missing CMRAs, and weak AML procedure adherence. [todaysconv…ncer.co.uk]
• Waterman’s (Palmers Green) – Fined £4,584 for non-compliant PCPs and missing CMRAs across most files reviewed. [todaysconv…ncer.co.uk]

Context & Commentary

1. Although these firms work with integrity and serve law-abiding clients, the issues primarily arise from weak internal systems, not deliberate wrongdoing.
2. The SRA emphasises the importance of
• Robust oversight and quality assurance, especially in borrowers’ pressured billing environments.
• Strong AML frameworks rooted in comprehensive policies, risk assessments, and continuous monitoring are essential.
3. Conveyancing is recognised by the SRA as a heightened-risk sector, due to large transaction volumes and opportunities for money laundering.
4. This targeted enforcement reflects the regulator’s resolve to ensure compliance frameworks are in place to protect the profession and public confidence.

Sources

• SRA: Trueman’s Solicitors – Regulatory Settlement Agreement [update.sra.org.uk]
• SolictorNews: SRA fines Sylvester Amiel Lewin & Horne LLP [solicitornews.co.uk]
• SRA: Regler & Company (Chinnor) Limited – Settlement Details [news.sra.org.uk]
• Today’s Conveyancer: ‘No relief for “high risk” conveyancers’ [todaysconv…ncer.co.uk]